November Series F&O Setup: Nifty aims for third straight series gain with record highs in sight

The Nifty 50 index heads into the November series on the back of its best series performance since June 2024. The index closed the October series with gains of over 1,300 points, and coming within 150 points of its all-time high of 26,277, which it had hit in September last year.

Historically, the November series over the last four years does not present a definitive trend for the index. The 2024 series was a negative one after two years of gains.

November Series Year	Returns (Points)	Returns (%)
2021	-321	-1.8
2022	747	4.2
2023	1,276	6.8
2024	-291	-1.2

The October series turned out to be the second straight positive one for the Nifty 50 with gains of over 5%.

F&O Series	Returns (Points)
October 2025	1,325
September 2025	110
August 2025	-267
July 2025	-781
June 2025	715
May 2025	587

Foreign institutional investors, who began the October series at record short positions, have significantly covered their shorts, which also was a key factor behind the Nifty surge in October. For the first time in three months, FII longs in index futures are in double digits.

Month	FII Longs In Futures
November	20%
October	6%
September	8%
August	10%
July	38%
June	20%

Nifty rollovers at the start of the November series are on the lower side. Rollovers stand at 75.8%, which is well below the three-month average of 80.6%.

Series	Rollovers
November	75.8%
October	82.6%
September	83.6%
August	75.7%
July	79.5%
June	79.1%

Open Interest at the start of the series has also seen a reduction compared to the previous months. The Nifty begins the November series with an Open Interest of 1.43 crore shares, which is the lowest level since June.

Month	Nifty Open Interest (Shares)
November	1.43 Crore
October	1.71 Crore
September	1.6 Crore
August	1.55 Crore
July	1.5 Crore
June	1.26 Crore

While FIIs are still net short on 92,000 contracts, the client long exposure stands at 67% or 75,000 contracts.

Among key triggers this series will be the outcome of the US Federal Reserve later tonight, followed by results from big tech companies over the next two days. Developments around the trade deals between the US and China, the US and India will also be keenly watched, along with the remainder of the second quarter earnings season.